Bank of America Plans Real-Time Cross-Border Payments #
Bank of America plans to launch a cross-border real-time payments solution next quarter for corporate, commercial and financial institution clients. The service will allow clients to send and receive funds instantly through Swift or CashPro, with real-time tracking, full-principal delivery and access through APIs or host-to-host channels
The service will connect to domestic real-time payment networks including SPEI in Mexico, Faster Payments in the UK and UPI in India, while also supporting inbound real-time payments into the US. The move matters because it uses existing local instant-payment rails to address speed, transparency and cost challenges in international P2P and B2C payment flows.